Share prices rose Wednesday on continued bargain hunting.
The peso closed lower.
The Philippine Stock Exchange index was up 85.92 points to 6,965.51, a 1.25 percent hike.
The broader All Shares index jumped 33.89 points or 0.95 percent to 3,614.20.
Gainers edged losers 119 to 71 with 52 stocks unchanged. Trading turnover reached P6.47 billion.
The peso closed at 55.396 to the dollar, down from 55.30 on Tuesday.
The currency opened at 55.55, an intraday low, and hit a high of 55.345. Trading turnover reached $1 billion.
Most Asian currencies dipped on Wednesday, after hotter-than-expected inflation data in the United States suggested a slight increase in the risk that interest rate cuts may be delayed.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market managed to post a gain despite the surprisingly higher US February inflation numbers.
“Local investors continued bargain hunting ahead of the upcoming FTSE rebalancing on Friday,” he said.
Most actively traded International Container Terminal Services Inc. was up P7 to P316. Ayala Land Inc. was up P1.40 to P33.70. BDO Unibank Inc. was up P3.50 to P154. Bank of the Philippien Islands was up P1.90 to P120. PLDT Inc. was down P10 to P1,390. SM Prime Holdings Inc. was up P0.45 to P32.05. Wilcon Depot Inc. was down P0.90 to P18.
Metropolitan Bank and Trust Co. was up P0.40 to P62.90. Aboitiz Equity Ventures Inc. was down P1 to P48.50.
